The scheme revealed that the new payment system is part of their digital transformation efforts and aims to alleviate challenges experienced through the current allowance payment method as well as appropriately cater for the ever-increasing number of beneficiaries and large amount of funds to be disbursed.
In a tweet, the financial aid provider states:
NSFAS does not require your personal banking details to onboard onto the NSFAS Bank Account.
NSFAS said that once students are onboarded onto the new system, they will receive a card (virtual or physical) to perform transactions as they would with mainstream bank accounts.
The bursary scheme partnered with the following banking partners to distribute student allowances via the NSFAS mastercard:
- Coinvest
- Tenet Technology
- eZaga
- Norraca
With the estimated number of NSFAS funded students nearly at one million, the scheme revealed that not all students will be onboarded on the new payment system immediately.
Students registered at the these TVET Colleges/ FET colleges must onboard with following banking partners respectively.
Coinvest:
- Capricorn College
- East Cape Midlands
- Gert Sibande FET College
- Ikhala Public Further Ed and Training
- Majuba College
- Mnambithi FET College
- Mthashana FET College
- Nkangala FET College
- Northlink College
- Port Elizabeth College
- Tshwane South College
- Umfolozi College
- Vuselela FET College
Tenet Technology:
- Central Johannesburg College
- College of Cape Town
- Elangeni College
- Goldfields FET College
- Letaba FET College
- Lovedale FET College
- Mopani South East FET College
- Northern Cape Urban FET College
- Orbit FET College
- Sedibeng College
- Taletso FET College
- Waterberg FET College
- Western College
eZaga:
- Coastal KZN FET College
- Ekurhuleni East College
- Ekurhuleni West College
- Esayidi FET College
- False Bay College
- Flavius Mareka FET College
- Maluti FET College
- Sekhukhune FET College
- South West Gauteng College
- Thekwini FET College
- West Coast College
Norraco:
- Boland College
- Buffalo City College
- Ehlanzeni FET College
- Ingwe Public FET College
- King Hintsa Public FET College
- King Sabata Dalindyebo FET College
- Lephalale FET College
- Motheo FET College
- Northern Cape Rural FET College
- South Cape College
- Tshwane North College
- Umgungundlovu FET College
NSFAS said it will pilot the new payment method at the above mentioned institutions first, following which the full roll-out will occur in a phased-in approach at all funded universities and colleges.
To onboard onto the new NSFAS Bank Account, students have been encouraged to visit the official NSFAS website on http://nsfas.org.za or follow updates on their social media pages for updates.
